Huntsville gazette., 1887-09-24
INITIAL.
THE CHINESE CONCESSION.
AN AMERICAN SYNDICATE'S CON-
TRACT WITH CHINA

The London Standard Declares That For
eign Capitalists stand Aghast at the
Magnitude of the Concession-What at
They Are SO Far as Definitely Settled.
LONDON Sept 3-The Standard prints
long dispatch from Shanghai, concerning
the American invasion of China In speak
ing Of the extent Of the concessions obtained
the dispatch says: ''The result unratified so
far by the American syndicate, although
finally accepted by the Chinese viceroy, is
practically as follows:
A loan Of two and half million taels, or
over half million pounds at three per cent
has already been contracted to be advanced
by the syndicate to the imperial board of
Telegraphs, the syndicate to supply all ma
terials and to fix up new long distance
telephone system between the principal open
ports In addition to this another of mil
lion taels, or two hundred thousand pounds,
is contracted to be advanced so the Viceroy
for some purpose not made public, but
which, for convenience, is called special
purposes"
"These are the'concessions so far definitely
settled. But those following, viz: The ten
tative propositions ami by far the most i'm
portant are, first, the establishment of what
is called in the negotiations national and
international amalgamatsd bank under i'm
perial charter and supplied by American
Chinese funds with stupendous capital,
ostly, however, American money. This
institution is TO have peculiar and execlu-
sive rights monopolies and various other
like considerations from the imperial gov
ernment It is agreed and covenanted that
it will supply, manage and control the en-
tire finances of the imperial and provincial
government, colieot and disburse the entire
imperial treasury funds, provide the sinews
of war for all such measures OF the govern
ment as the building, construction and
maintenance of forts, fests arsenals, ma
vles, guns, railways telegraphs, canals, etc,
throughout the empire.
1T will provide for the army, the drainage,
river improvements, ani to put it briefly,
everything for which the government of
such country as China requires money
The bank will have the exclusive right to
coin all money and issue notes, and it is in
tended as preliminary to these Astounding
operations that this institution should estab-
lish branches in all Chinese cities Of import
ance. as we'll as in many cities on the other
four continents with which China has diplo-
matte or commercial relations London,
Paris New York AMI Philadelphia are to be
the chief foreign centers. In Short its
| operAtions are to be endless There is no
| doubt that China wants money and is most
| anxious to get all she can but it is hard to
| believe that the viceroy will hand his coun-
| try SO completely over to the Americans as
| this scheme would lead one to suppose. The
| loans already successfully negotiated by the
| syndicate have been made in a way new to
| China. i. g., without having obtained the
| imperial decree, fact which does not tend
| to lessen the astonishment with which the
| entire scheme filed the country. Strange
! to say. there is no mention made yet of the
security to be given by China to the Amer
| leans for their money for the new bauk,
| which will have even more important
| functions towards China than the Bank OF
| England towards England.
1.-THE entire basis of the concessions is
| very peculiar and the tide of public opinion
here is against the project. However much
| we NAV stand in awe of its lining
| proportions the censors have apparently
| been thrown into consternation by this most
daring move of the party of progress,
/ headed by Ii Hung Chang and the Marquis
| Tseng, and they have not yet memorallzed
| the throne against it, although it is believed
| that the syndicate win have to fight the
preiudices Of these most potent forces In the
realm. That the imperial treasury, despite
the vast resources CT the country, is in
crippled condition is shown by the fact that
| only last week loan Of over half million
! pounds had TO be borrowed from a French
syndicate for carrying on the imperial
{. household There are many other rich syn
| dicates in China, French and German prin-
cipally, and they, along with various for
eign banks, stand aghast at tha magnitude
| Of the American coup"